Report & Accounts Our Story 2021
31 December 2021 CHARITY REGISTRATION NUMBER: 1157549
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Thank
You
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CEO/FOUNDER Money4YOU
It’s hard to think of a more pressing moment for our work at Money4YOU than today. We’re at a crossroads. A growing awareness of systemic racism in the UK has prompted more conversations and commitments than ever. This and the disproportionate impact of successive economic crises on underrepresented communities worldwide continues to make our activities more important than ever.
Everything we do in the third sector relies on human bonds of connection and awareness. That’s why we continue to seek and nurture strategic partnerships.
Together with our amazing partners, the Money4YOU #WorldChangers Team has delivered programmes with high impact that will extend for many years, contributed in many ways to our mission and helped in moving the needle.
Rain does not fall on one roof alone. And so, I want to say to everyone who has joined us on the journey: THANK YOU
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Trustees’ Report & Accounts for the year ended 31 December 2021
| Charity Information ------------------------------------------------------------ 04 |
|---|
| About Us ------------------------------------------------------------------------ 05 |
| Our Goals ------------------------------------------------------------------------ 06 |
| Our Values ----------------------------------------------------------------------- 07 |
| Our Activities ---------------------------------------------------------------------- 08 |
| 4YOUTH ------------------------------------------------------------------------- 09 |
| 4NONPROFITS ----------------------------------------------------------------- 13 |
| 4ENTREPRENEURS ----------------------------------------------------------- 22 |
| Governance ----------------------------------------------------------------------- 26 |
| Independent Examiner’s Report -------------------------------------------- 28 |
| Financial Review ---------------------------------------------------------------- 29 |
| Statement of financial activities ------------------------------------------ 31 |
| Balance Sheet ----------------------------------------------------------------- 32 |
| Notes to the Accounts ------------------------------------------------------ 33 |
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Charity
Information
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Reference and Administrative Details
The legal and operating name of the Charity is Money4YOU The Charity is registered in England with the Charity Commission with Charity number 1157549 The Charity operates as a Charitable Incorporated Organisation , was registered on 19 June 2014 and operates in accordance with its Articles of Association. The trustees are all individuals.
The principal operating address, website, email address and telephone number of the charity are:
Suite 12 Mill Hill House 6 The Broadway London NW7 3LL
+44 (0)844 3510072
INFO@MONEY4YOU.ORG MONEY4YOU.ORG
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About Us
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Objects of the Charity
To advance the education of the public in the subject of Money, Finances and Entrepreneurship.
To assist in such ways as the charity trustees think fit any charity whose aims include advancing education of persons by developing their mental, physical and moral capabilities in the area of Money, Finances & Entrepreneurship.
Our Mission
To reduce economic inequality in the UK and overseas, by delivering quality financial education, capacity building support and entrepreneurship training, to underrepresented youth, nonprofits and entrepreneurs.
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Our Goals IM IKV4 ffr EDLAll]N 10 REDillD INEfNAiIThS riMRIY TARGET TARGET 10.3 TARGET Theory of Change SNCREASETHE N MBER 8UILD RESILIENCE TO ENVIRONMENTAL ONOMI SOCIAL D15A5TERS ENSURE E UAL OPPORTUNITIESAND END DISCRIMINATION REL KIL M4ryey NONEthw.ORG 06
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Our
Values
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we have INTEGRITY
we use INTELLIGENCE
we need INTERACTION
we love INSPIRATION
If you are what you should be, you will set the whole world ablaze.
- St Cathrine of Siena
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Our Activities
2014: 4YOUTH
The main activities undertaken in relation to those purposes
during the reporting period.
Money4YOU’s charitable work is split into three categories:
4YOUTH
4NONPROFITS
4ENTREPRENEURS
2018: 4NONPROFITS
To support these activities, we fundraise, collaborate with volunteers, develop partnerships with other organisations, and communicate our activities and knowledge through various platforms.
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2020: 4ENTREPRENEURS
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4YOUTH
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Money4YOUTH
Since 2014, we have been helping children and young people to develop financial literacy and entrepreneurial skills. This helps them expand their opportunities and equips them to make better financial decisions for their future. By focusing on those from more underrepresented communities, we are changing the norm and diversifying wealth for a better world.
Most young people don’t feel confident about their money management skills. Research by the bank of England shows that 81% of young people aged 15 – 18 worry about money, while 47% of young adults in the UK don’t feel confident about their decisions on how they manage their money.
We believe that financial literacy can change anyone’s financial future, and to reverse these statistics, we are committed to providing these young people with knowledge through our activities and resources.
Employing the principles of early intervention, we know that eating the right foundations in childhood can help young people make more informed financial decisions and help them to achieve financial stability in the future.
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Bonsaï Money
4YOUTH
BonsaïMoney is the brand name of our 4YOUTH initiative. It was launched by young people for young people, during the pandemic. Its primary goals are to equip the new generation with the tools to grow in financial literacy and confidence to engage in entrepreneurship.
Its strong social media presence means its content is in the same space as the target audience and is easily accessible.
With in-person activities in the UK grinding to a halt, online activities included:
Finance character design challenge: participants were asked to create anime-style characters based on the uses of money.
Focus group discussions with young people on how they prefer to consume finance content
Online research to evaluate the impact of “buy now pay later schemes” on young people for an ITV interview
In addition, we provided entrepreneurship training to circa 544 children and young people in the UK and overseas in 2021.
Our reach via the BonsaïMoney Instagram page reached a phenomenal high of 149,904, and unique visits were 883 in 2021, an increase of 4.35% compared to the previous year.
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4YOUTH
Tech for Good
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A collaboration between Money4YOU and City, University of London’s School of Mathematics, Computer Science and Engineering. This intervention is primarily offered to the nonprofit organisations we work with, many of which suffer from acute technological poverty.
In exchange for a practical internship lasting six to eight weeks, students from the University tackle the digital and technological challenges facing Black, Asian, Multi-ethnic and Refugee (BAMER) led nonprofits in the UK.
This internship program allows the STEM students to develop a proper understanding of the nonprofit sector, social innovation and entrepreneurship whilst building innovative digital tools and solutions.
“I would like to thank Money4YOU, City University of London & Jacqueline Wallace, and the rest of the team from End the Virus of Racism for granting me and others the opportunity to be a temporary web developer for their website. We are extremely grateful for us being decided as 2nd in this project. It was a 6-week experience teaching me the reality of being a web developer, and the importance of being a socially responsible individual. The experience was enlightening, and I gained a lot of skills about working within a company, plus the actual skill of developing a website” - Feedback from a student
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Feedback from students:
100% of students who answered the questionnaire agreed that after working on the projects, they improved their technical skills and gained a practical understanding of social responsibility and the nonprofit sector.
Feedback from nonprofit representatives:
100% of those from nonprofit organisations who participated and answered our survey said they benefited from the students’ help and that the final projects provided solutions to the technical and digital issues their charities were facing.
"It was a wonderful project and I'd recommend it to anyone looking to take part in future."
"The scheme was well organised and very useful to us on the project, all our requests were accommodated, and we would definitely use the scheme again on future projects and recommend it to others.’"
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4NON
PROFITS
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Money4NONPROFITS
The perennial challenge faced by charities, social enterprises and community groups is generating income, resulting in financial stability. In addition, the COVID19 pandemic brought with it the painful reminder that what should matter most to nonprofit organisations is having a well-organised operation that can respond to contingencies when they hit. 90% of charities in England and Wales experienced some negative impact, with most of their work postponed or cancelled. 60% of charities said they had a loss in their income, 49% lost income from fundraising, and 33% experienced a shortage of volunteers. (GOV.UK)
These issues remain an uphill task for most BAMER led nonprofits who were hardest hit by the effects of the multiple shutdowns, which is why relevant and targeted support matters more than ever.
Money4YOU supports BAMER led nonprofits in two ways, by equipping them with access and knowledge needed to raise funds and manage their charities, setting them up for success. We are acutely aware that supporting small charities means supporting the community as they are better positioned to build relationships and cater to the community’s needs (Charity Commission, 2021).
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4NON
PROFITS
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We do this by developing and delivering activities that aim to:
Help BAMER-led nonprofits survive, thrive and become more resilient
Provide relief and increased capacity for them
Grow a network of BAMER-led organisations that learn from and benefit from peer support
Achieve greater visibility and mainstream support of BAMER-led nonprofits
Increase the number of grassroots BAMER-led nonprofits serving the most underrepresented members of society
Reduce the disparity between funding for mainstream and smaller BAMER-led nonprofits
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4NON
PROFITS
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Much like the previous year, our services in 2021 were, thus, heavily focused on providing support which advanced these aims whilst being accessible, affordable, and targeted towards their most pressing needs, as identified in our continuing dialogue with them.
Recruiting 12 BAMER-led nonprofit organisations unto our exemplar AVOCADO+ Accelerator Programme, which has been running annually since 2016
Supporting over 400 new organisations BAMER via BAMERHUB.com, our online digital HUB resilience hub
Running 26 training events (#BootCamp and #BrunchBriefing) in collaboration with Funders and sector experts, with 364 attendees benefiting
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Awarding £11,000 in grants to three BAMER led nonprofits
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4NON PROFITS
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AVOCADO+
The AVOCADO+ Accelerator Programme is a one-year accelerator programme offered to a limited number of Black, Asian, Multi-Ethnic & Refugee (BAMER) led charities and social enterprises. The one-year course supports financial fitness, operations, impact, effective leadership, networks, and awareness. This is based on research by the Charities Aid Foundation on the key components of resilience and sustainability, which are essential for smaller nonprofit organisations.
This intensive innovative programme is designed to improve the Sustainability, Fundraising Capabilities, and Leadership of UK registered BAMER-led charities and social enterprises. We know these organisations face numerous unique challenges; often taking many years to gain momentum and build capacity in spite of the great needs they are meeting.
We pair our AVOCADO+ Accelerator Programme organisations with consultants who provide advice and support throughout the programme. This includes bespoke action reports and drafting funding applications. We supported 19 charitable organisations in the 2020/2021 cohort.
With grateful thanks to the City Bridge Trust
It offers a mix of training, governance, finance, coaching and income diversification interventions.
By the end of the programme, we expect groups to have increased their effectiveness, impact on beneficiaries & fundraising success.
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4NON PROFITS
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BAMER
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BAMER HUB
Created in response to the marked increase in requests for support we received at the start of the UK COVID-19 restrictions, BAMERHUB.com grew to over 400 member organisations during the reporting period.
BAMER HUB is an online platform for BAMER-led nonprofits. It is a central learning environment with the resources and training opportunities that charitable organisations need to strengthen and grow. Users can take our custom Digital Resilience Check to identify the areas they can improve in, after which they receive a tailored reading list to help them do this. We also offer free access to resources from Money4YOU and our partners. Tools like our Funding Opportunities Database & Bid Scorer Tool have been incredibly popular.
Even before the pandemic, these small, grassroots charitable organisations faced funding and capacity issues, but the pandemic put even more pressure on them as the demand for their services increased, previous funding sources dried up, and they had to adapt to providing services online or in a socially distanced way. To help combat this, we started distributing micro-grants through BAMER HUB, received 63 grant applications and awarded £6000 to two winners during the year.
Region of UK Registering Organisations
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South East North East
The Midlands
England England Eastern England
North West England
South West England
East Coast Scotland
West Coast
Scotland
South Wales
London Highlands/IslandsScottish
Scottish Borders
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"I want to thank Money4YOU for all the work that the team have done to support organisations and individuals around the country ... In these really difficult times, organisations like Money4YOU have played an invaluable role in supporting charities.”
- Rushanara Ali, MP
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4NON PROFITS
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Dragons Den
Dragons Den is our annual nonprofit celebration and networking event, combining the graduation for that year’s AVOCADO+ Accelerator Programme Fellows, pitching for grants, talks from industry experts, and networking with funders and other charitable organisations. Networking is a critical success factor for new start-up charities for both support and access to funding (Bennett, 2016).
According to feedback from the attendants, the main reasons for attending were networking, content and pitching. This survey also showed that most participants came to watch funders deliberate (a new feature this year), learn from the feedback on how to pitch for funds, and meet funders. Participants were awarded £5000 grant money.
BAMER-led nonprofits are, on average, smaller than their non BAMER-led counterparts. Smallness means an acute dependency on trusts and foundations, which play a crucial enabling and supporting role in the nonprofit ecosystem. Our event provides a unique opportunity for small BAMER-led nonprofits to network with similar organisations, gain insights into the workings of funding organisations, see what makes a strong application and pitch, & learn from each other.
"It was a really insightful, fun and unique event that engaged me and helped me expand on my knowledge of funding and what goes into the process. It was also brilliant to hear about other participant's organisations, what they do, and to take some inspiration from them."
- Nathan, Dragons' Den 2021 Attendee
With grateful thanks to The Tudor Trust
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4NON PROFITS
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#BootCamp
These are monthly interactive training workshops for nonprofits. They are an integral part of our AVOCADO+ Accelerator Programme, and open to BAMER HUB members and other BAMER-led charitable organisations. Industry experts lead the #BootCamp sessions, and each one focuses on a different area needed for resilience & capacity building. They are conducted over two days, with the first day containing most of the learning and theory whilst the second day is practical where AVOCADO+ Accelerator Programme Fellows work with their assigned consultants to prepare actionable plans for the growth and operational stability of their organisations, based on what they have learnt.
"Thank you for this wonderful highly informative workshop. I wish it could be more common to hear this information in a friendly, free format as you offered"
- Hau-Yu Tam. End the Virus of Racism
Since the pandemic’s start, these have been running online via zoom, attracting attendees from around the country. During the year, we ran a total of 11 #BootCamp sessions with 133 attendees on topics such as:
Project Design (including theory of change), Fundraising Product Innovation and Budgeting Fundraising Strategy & Case for Support Introduction to Grant Makers & Prospect Research Effective Bid Writing Techniques Fundraising from Corporates & Major Donors Fundraising from Events & Communities Financial Literacy & Annual Reporting for Charities Choosing the Right Legal Structure & Creating Partnerships that Work
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4NON PROFITS
#BrunchBriefing
Our #BrunchBriefing series started in April 2020 as hour-long, weekly support sessions to cope with the growing demand we received from nonprofits around the country. Primarily due to Zoom fatigue being experienced by our attendees, these were scaled back in frequency, and we delivered 16 in 2021 and had 231 participants. They still provide invaluable opportunities for BAMER organisations to hear from Funders and industry experts who offer support and advice for resilience. They cover a broad range of topics relevant to our audience and are based on their requests.
"I also want to let you know how great Money4YOU has been for us (BMEYPP). I have learnt so much from training #BootCamp sessions, #BrunchBriefing sessions and also the podcast which has been invaluable"
In addition to the more popular #MeetTheFunder sessions, other topics were:
Recruiting and Retaining Happy Supporters Secrets of Effective Copy Writing Demystifying Financial Storytelling and Using it to Multiply Impact
Collecting & Using Equality Data-beyond the 'tick box' Financial Resilience For Small Non-profits Introduction to Brand Fundamentals, Introduction to Faith-Based Fundraising Building Big Digital Movements How to Create a Successful Pitch How to Build a Digital Marketing Strategy
- Vannessa Crawford,
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Black and Minority Ethnic Young People's Project
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4NON PROFITS
Four Minutes in Fundraising Podcast
Our Four Minutes in Fundraising podcast continues to deliver fundraising principles and techniques in a way accessible to all charitable organisations and fundraisers, no matter their size or expertise. The bite size chunks make for a more effective learning (Workforce Partnership Staff, 2019) and implementation process.
More than ever, third-sector organisations face ever-increasing demand for their services and increased uncertainty about funding whilst those working in more disadvantaged and marginalised communities are most affected by the simultaneous increase in competition for voluntary income.
A new season increased the episodes to 60 and achieved over 4,000 downloads. One of our regular listeners tweeted:
“Absolutely love the speed and accessibility of it - from the importance of planning to building human relationships, it’s bursting with value! Well worth every set of four minutes.”
- 2020, Andy King, @andykingraisin
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4ENTRE
PRENEURS
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Money4ENTREPRENEURS
As part of our commitment to reducing poverty (UN Sustainable Development Goal 1), we remain committed to working with local partners to deliver entrepreneurship training and support in developing countries. We believe that equipping people (especially women and youth) with entrepreneurial skills fortifies them against economic challenges and encourages them to start businesses that meet local needs.
By the end, participants will have gained the confidence to act upon business ideas tested within our workshops, with prospects for viability and profitability in our very competitive 21st-century world. The #WorldChangers Entrepreneurship Training modules are: Strategic Business Development, Innovation & Creativity, Funding & Finance, Transformational Leadership and Resilience & Wellbeing.
During the year, 232 would be entrepreneurs in Cameroon, Uganda, Kenya, and Togo, attended our business development and entrepreneurship training, and we witnessed the catalytic outcome of this quality education. 80% of attendees reported applying the knowledge acquired and launching or scaling up businesses that can now provide for their families, all of which directly contributes to the economic development of their countries.
"This course is of great importance to me in particular. It teaches young people like me to be able to see a problem, think of a solution and find possible methods to have that solution come into a reality"
"Everything taught put me on the right path to success. I also learned not to give up despite everything"
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Supporting
Activities
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Fundraising
We had a modest increase in income of 19% compared to 2020, whilst expenditure on charitable activities more than doubled. We remain committed to diversifying our income streams, although this proved quite challenging with a lean business development team.
The highlight of the year on the income generation front was the launch of our #WorldChangers Club, our regular giving programme, which continues to attract core supporters.
Well-being
Thanks to a small grant from the Tudor Trust, we became more intentional about activities and interventions that would boost moraleand prioritise the team’s well-being.
We understand that this is a journey and remain committed to prioritising this crucial initiative.
As part of this new way of working, the team collectively decided to:
Track individual internal seasons at weekly team meetings Plan our first summer get together Hold quarterly gift exchange sessions Organise three virtual wellbeing classes Organise a Christmas Party at the end of the year
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Supporting
Activities
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Strategic Partnerships
We are #WorldChangers: alone we are one drop, together we are like an ocean. One of our core values is interaction and we believe that partnerships enable us to reach more people and achieve more than we could, alone. We are incredibly grateful to the following partners who supported our cause financially and/or we worked with during the year:
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|City Bridge Trust|Joedy Foundation|
|Comic Relief Global Majority Fund|Kingdom Care Orphanage Togo|
|CommUNITY Barnet|Literacy and Integral Development togo|
|Paul Hamlyn Foundation|Natural Resources Conservation Network Uganda|
|Postcode Neighbourhood Trust|Race on the Agenda (ROTA)|
|The Tudor Trust|Runnymede Trust|
|Youth Futures Foundation|The Social Innovation Partnership|
|JMB Consulting Ltd /BAME Online|United Action for Children Cameroon|
|City, University of London, School of|
|Engineering, Mathematics and|Hackney CVS|
|Computer Science|Trust for London|
|Community Southwark|Joseph Rowntree Reform Trust|
|Fundraising Training Ltd|The Henry Smith Charity|
|Google Digital Garage|BBC Children in Need|
|GrassRoots Web|Prism the Gift Fund/Childhood Trust|
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Supporting
Activities
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Volunteers
We have been dependent on the help and constant support of our volunteers. These #WorldChangers (20 and counting) regularly give of their time, talent and treasure to help advance our cause and boost our programs. They regularly assist us by providing mentoring, administrative, training and sundry support, which has been crucial in developing our strategic priorities. Our volunteers do not receive payment for their services. However, the estimated value of their contribution during the period would be £26,000, and we are deeply indebted to them.
Communications
Money4YOU utilises social media – Facebook, Twitter, Instagram, WhatsApp, and LinkedIn – along with our charitable Google Ads Grant and email marketing to nurture and engage with our service users and supporters. At the end of the reporting period, we had over 1,800 subscribers to our emails and more than 2,000 followers across our social media accounts.
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Governance
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Trustees in Office
on the date the report was approved were:
Dilys Barnett Alezandra Udueni Chair Secretary Edwin Viegas Frédéric Jean-Baptiste Treasurer Vice Chair
The following persons served as Trustees during the reporting period ended 31 December 2021
Edwin Viegas (from December 2021) Fulvio Ornato (to December 2021) Cathy Nkweso-Nkalonze (to December 2021)
Alezandra Udueni Dilys Barnett Frédéric Jean-Baptiste
The Trustee’s Bankers and Strategic Advisors
Bankers: HSBC Bank Plc, 8 Canada Square, London, E14 5HQ Strategic Advisors: Cathy Nkweso Nkalonze (Safeguarding Lead) & Fulvio Ornato (Microsoft 365 Lead)
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Governance
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The Structure, Governance and Management of the Charity The trustees regularly review the Charity’s risk management policies and procedures to ensure that they adequately address the risks to Money4YOU arising from its activities and/or where it operates.
The Methods Used to Recruit and Appoint New Charity Trustees When new or additional trustees are required, people with specialist skills, including beneficiaries or organisations, would be invited to submit nominations. Subject to their compliance with the Memorandum and Articles of Association, they would be considered by the governing body of the trustees for election.
The Policies and Procedures for the Induction and Training of Trustees Before being elected, nominees would be invited to attend trustee meetings and have an introductory meeting with the Chair and CEO of the Charity to receive more information about the Charity itself regarding the contents of the work of a trustee.
The Charity’s Organisational Structure
The Charity has four trustees, all of whom are volunteers and who meet together on a quarterly basis. The trustees have overall control and responsibility for policy and major decision making. Day-to-day management and responsibility for implementing policies is carried out by the CEO, staff, contractors and volunteers.
Investment Performance Against
the Investment Objectives
All income received has been utilised to continue to develop the organisation and to deliver the objectives of Money4YOU.
Income Received from Outside
the United Kingdom
Money4YOU did not receive any income from outside the UK during the accounting period.
The Charity as Part of a Wider Network
The Charity is not part of a wider network. The Charity is not responsible for or answerable to any other organisation.
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Accounts
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Independent Examiner’s Report
Carole Hunt
P & C Services (Gatwick) Ltd, 4 Picketts, Picketts Lane, Salfords, Surrey, RH1 5RG
I report to the charity trustees on my examination of the accounts of the Money4YOU (the Charity) for the Period 19th December 2020 to 31st December 2021.
connection with the examination giving me cause to believe that in any material respect:
1.Accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
Responsibilities and basis of report
- 2.The accounts do not accord with those records; or
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Art 2011 (‘the Act’)
3.The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008, other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in
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Accounts
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Financial Review
Liz Pepler MIAB FRSA , Member of The Institute of Accountants and Bookkeepers. Embrace Finance , 71 - 75 Shelton Street, London, WC2H 9JG
Method of preparation of accounts
Approval of this report
The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016)
This report was approved by the Board of Trustees on 27 October 2022.
Respective responsibilities of trustees
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an independent examination is required for this year under section 144 of the Charities Act 2011 (“the Charities Act”).
Method of preparation of accounts
The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016).
Money4YOU meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
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Accounts
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Financial Review
The financial position of the charity at 31 December 2021, as more fully detailed in the accounts, can be summarised as follows:
| Year End | 2021 | 2020 |
|---|---|---|
| £204,080 | £171,635 | |
| Total Income | ||
| Net Income (£53,076) £48,615 |
||
| Closing Unrestricted Funds | £50,633 | £77,246 |
| Closing Restricted Funds |
Financial Review of the Position
The Trustees confirm that they are satisfied that the Charity is a going concern.
Policy on Reserves
The Trustees aim to hold at least six months of operating costs as unrestricted reserves, in line with our sustainability strategy, to protect against financial risk and any drop in income. At the close of the reporting year, we had achieved circa 50%, based on projected 2022 operations levels. The Trustees are aware of the shortfall and are working towards meeting the set target.
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Statement of Financial Activities
Including summary income and expenditure account for period 19 December 2020 to 31 December 2021
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| Funds 2021 | Funds 2021 | Funds 2021 | Funds 2020 | |
| Income from Charitable Activities | £21,699 | £1,096 | £22,795 | £18,210 |
| ~~Income from Donations & Legacies~~ | ~~£38,962~~ | ~~£140,201~~ | ~~£179,162~~ | ~~£153,425~~ |
| Income & Endowments | £2,123 | £0 | £2,123 | £0 |
| Total Income | £62,783 | £141,297 | £204,080 | £171,635 |
| Charitable Activities | (£84,360) | (£164,318) | (£248,679) | (£118,289) |
| ~~Expenditure on Raising Funds~~ | ~~£0~~ | ~~£0~~ | ~~£0~~ | ~~(£629)~~ |
| Other Expenditure | (£5,036) | (£3,441) | (£8,477) | (£4,102) |
| Total Expenditure | (£89,396) | (£167,760) | (£257,156) | (£123,020) |
| Net income / (expenditure) | (£26,613) | (£26,463) | (£53,076) | £48,615 |
| Transfers Between Funds | £0 | £0 | £0 | £0 |
| ~~Total Funds Brought Forward~~ Closing Funds |
~~£77,246~~ £50,633 |
~~£42,231~~ £15,768 |
~~£119,477~~ £66,401 |
~~£70,861~~ £119,476 |
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Accounts
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Balance Sheet @ 31 December 2021
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds 2021 | Funds 2021 | 2021 | 2020 | |
| Fixed Assets | ||||
| Intangible assets | - | - | - | - |
| ~~Tangible assets~~ Total Fixed Assets |
~~-~~ - |
~~-~~ - |
~~-~~ - |
~~-~~ - |
| Current Assets | ||||
| Debtors | - | - | - | - |
| ~~Investments~~ | ~~-~~ | ~~-~~ | ~~-~~ | ~~-~~ |
| FairFX account | - | - | - | - |
| ~~Cash at bank~~ | ~~-~~ | ~~-~~ | ~~-~~ | ~~£114,308~~ |
| Total Current Assets | £50,633 | £15,768 | £66,401 | £114,308 |
| Current Liabilities | ||||
| ~~Creditors (HMRC PAYE)~~ | ~~-~~ | ~~-~~ | ~~-~~ | ~~£5,169~~ |
| Total Liabilities Total Net Assets |
- £50,633 |
- £15,768 |
- £66,401 |
£5,169 £119,477 |
| Funds of charity | ||||
| 4YOUTH | - | £10,664 | £10,664 | £3,120 |
| ~~NONPROFITS~~ | ~~-~~ | ~~£5,105~~ | ~~£5,105~~ | ~~£38,594~~ |
| 4ENTREPRENEURS | - | - | - | £517 |
| ~~General~~ | ~~£50,633~~ | ~~-~~ | ~~£50,633~~ | ~~£77,246~~ |
| Total Funds | £50,633 | £15,768 | £66,401 | £119,477 |
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Notes to the Accounts
| Income & Expenditure | Notes to the | Unrestricted | Unrestricted | Restricted | Total Funds | Total Funds |
|---|---|---|---|---|---|---|
| Sources | 2021 Accounts | Funds 2021 | Funds 2021 | 2021 | 2020 | |
| Income from charitable activities | Income for providing services | £21,699 | £1,096 | £22,795 | £18,210 | |
| Donations and legacies | Income from corporate and individual | £38,962 | £140,201 | £179,162 | £153,425 | |
| donations and from charitable foundations | ||||||
| including Youth Futures Foundation | City | |||||
| Bridge Trust | The Big Give | Prism The Gift | ||||
| Tudor Trust | Cenkos | |||||
| Interest | Income from bank interest | £2,123 | £0 | £2,123 | £0 | |
| Total Income | £62,783 | £141,297 | £204,080 | £171,635 | ||
| Charitable activities | Expenditure on programmes | 4YOUTH | (£84,360) | (£164,318) | ||
| 4NONPROFITS | 4ENTREPRENEURS | |||||
| Cost of raising funds | Expenditure on fundraising activities | £0 | £0 | £0 | (£629) | |
| including events | ||||||
| Other expenditure | Expenditure on infrastructure costs | (£5,036) | (£3,441) | (£8,477) | (£4,102) | |
| Total Expenditure | (£89,396) | (£167,760) | (£257,156) | (£123,020) |
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Notes to the Accounts: continued
1. Accounting Policies
-
(a) Basis of Preparation
-
(i) These accounts are the accounts for Money4YOU
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(ii) These accounts have been prepared on a receipts and payments basis and include income and expenditure as and when the cash is received and paid.
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(iii) The recommendations of the Statement of Recommended Practice have been taken followed in the preparation of these accounts.
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(b) Fund Accounting
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(i) The Company’s general fund consists of funds, which the Company may use for its purposes at its discretion.
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(ii) The Company’s restricted funds are those where the donor has imposed restrictions on the use of the funds, which are legally binding.
(c) Voluntary Income
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(i) All voluntary income is included upon receipt.
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(ii) Grants receivable are credited to income immediately.
Signed on behalf of the trustees:
Edwin Viegas
Dilys Barnett
Dilys Barnett (Chair ) Edwin Viegas (Treasurer)
We are satisfied that this represents a true and faire view of the financial position of Money4YOU
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There are no extraordinary people only ordinary people who do extraordinary things with what they've been given - Brad Brown
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